Mega Uranium Ltd. Announces New By-Law

Toronto, Canada (February 13, 2015) – Mega Uranium Ltd. (MGA: TSX) announces that its board of directors has approved a new by-law establishing a framework for advance notice of nominations of directors by the company’s shareholders. The by-law reflects current corporate governance practices and is similar to the advance notice by-laws adopted by many Canadian public companies.

The new by-law contains advance notice provisions for nominations of directors by shareholders in circumstances other than pursuant to a requisition of a meeting or a shareholder proposal made pursuant to the provisions of the Business Corporations Act (Ontario).

Among other things, the advance notice provisions fix a deadline by which shareholders must submit director nominations to the company prior to an annual or special meeting of shareholders and set out the information that a shareholder must include in the notice to the company.

In the case of an annual meeting of shareholders, notice to the company must be provided not less than 30 days and not more than 65 days prior to the date of the annual meeting; provided that if the annual meeting is called for a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following the public announcement.

In the case of a special meeting of shareholders (which is not also an annual meeting but has been called for the purpose of electing directors, among other purposes, if applicable), notice to the company must be provided no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The advance notice provisions are intended to provide a clear process for shareholders to follow for director nominations and set out a reasonable time frame for the submissions of nominees and the accompanying information. The provisions will help to ensure that all shareholders receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. The provisions are similar to the advance notice by-laws adopted by many other Canadian public companies.

The new by-law is effective immediately but is subject to confirmation by our shareholders at the annual and special shareholder meeting to be held on March 23, 2015. The full text of the new by-law is available under the company’s profile at www.sedar.com.

ABOUT MEGA URANIUM
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada and Cameroon. Further information on Mega can be found on the company’s website at www.megauranium.com.